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Nikola Stock Plunges as EV Truck Maker Reportedly Nears Bankruptcy
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Key Points
- Nikola’s shares were about 33% in early Friday trading, reported Wall Street Journal Electric truck manufacturers are approaching bankruptcy.
- according to The Wall Street Journal, Citing people familiar with the matter, the hydrogen truck maker has been working with law firm Pillsbury Winthrop Shaw Pittman to study options for including selling or reorganizing a company in bankruptcy.
- Nicholas’s founder was convicted of fraud and was sentenced to four years in prison in December 2023.
Nicholas’ shares (nkla) Earlier Friday, in a report, electric truck manufacturers were about to file for bankruptcy, about 33% of transactions.
according to Wall Street JournalThe man familiar with the matter, the hydrogen truck maker has been working with its law firm Pillsbury Winthrop Shaw Pittman to study options that include selling or reorganizing a company in bankruptcy.
Nicholas and Shaw Pittman did not immediately respond to a request for comment.
The startup has been in huge numbers since it went public June 2020 Before selling any trucks – including Volkswagen recall Vehicles for 2023. Its founder Trevor Milton Wall Street Journal .
Bloomberg According to January, Nikola was looking for options to prevent cash crunches, including selling the entire company.
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